[photopress:studentsjobs.jpg,full,alignright]The State-run China International Intellectech Corp (CIIC) has released a report with an apparent contradiction. In spite of the fact there are currently more applicants than jobs, foreign-funded companies in Shanghai will continue raising salaries for their employees next year.
New university graduates, especially those with an MBA, IF they can get a job with a foreign-funded company can expect higher starting salaries, according to a compensation payment and welfare report on foreign-funded enterprises in Shanghai.
The report, based on a survey of human resource managers in about 300 foreign-funded companies, said that average salary growth at those companies is expected to be 8.3 per cent, compared with 8.8 per cent this year. However, CIIC’s Senior Consultant Li Shuang said the figure is a conservative prediction is based on tight financial conditions. She said, ‘Actual figures for next year will be higher.’
Li Shuang said: ‘Human resource professionals have a new challenge next year: How do we strike a good balance between controlling the fast-growing human resource costs and keeping or attracting more essential talent for the company.’
Although Shanghai has a high jobless rate and an abundant supply of university graduates, foreign-funded companies are still plagued by a lack of skilled executives. That is not a contradiction in terms. An university degree does not always mean a skilled executive. Not even always the potential to become a skilled executive.
The turnover rate in foreign-funded companies remained high this year at 15.1 per cent, compared with 15.2 per cent of last year.
Source: China Daily
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